Gallery: 8 Issues Keeping LGBT Investors Up At Night

Affordable Care

One of the top concerns among LBGT investors is their ability to afford care as they get older. According to AARP, the average cost of nursing homes is more than $50,000 a year, although that can vary widely depending on location. About 31 percent of the LGBT investors surveyed noted this aspect of aging worried them, compared to 25 percent of other investors.

Friendly Faces

Another major worry for these investors is finding supportive nursing homes. Of the investors surveyed, 31 percent say finding LGBT-friendly long-term care facilities is a major concern. Approximately nine in 10 individuals who identify as lesbian, gay, bisexual or transgender said in a 2011 survey they felt staff at long-term care facilities would discriminate against someone who came out.

Marriage Equality

Almost a third of LGBT investors, 29 percent, say that they worry about the effect of being granted equality will have on on their finances. DOMA changed federal regulations, yet many of the benefits are only available in the 14 states that recognize same-sex marriage. Meanwhile, 35 states have same-sex marriage bans, which means some marriage benefits in these states cannot be realized.

Decision-Makers

Planning for the worst is a common sense move, but 29 percent of LGBT investors say they worry about having the right to make healthcare decisions for their partners in catastrophic medical circumstances.

Estate Planning

Approximately 25 percent of LGBT investors are concerned about ensuring their assets pass to their partners after death. The concerns suggests these investors could benefit from comprehensive financial planning, taking into consideration estate planning techniques to ensure no assets are lost upon a spouse or partner’s death.

Together Forever

Having someone to care for you in old age is important no matter what your sexual orientation. But 24 percent of LGBT investors worry about this, while only 13 percent of other investors list having someone as a concern.

Shortfall

LGBT investors are more worried about having enough money to set aside for retirement than other investors, with 18 percent of LGBT citing this as a concern compared to 11 percent of other customers. Additionally, LGBT investors underestimate how much of their prior income they will need, most estimating they will need on average between 52-61 percent of their prior income for retirement. But most industry standards estimate individuals will need 78 percent of their prior income.

Family Health

A little less than 20 percent of LGBT clients also worry about a major family health problem occurring, on par with other investors. Eighteen percent of LGBT investors worry about this issue, while 17 percent of other investors worry. And they should, a May study by Milliman estimated the average family of four spends $9,144 on medical bills annually.

In the almost six months since the Supreme Court struck down DOMA—an action that gave same-sex couples access to over 1,000 federal marriage benefits—LGBT investors’ views are more optimistic than other U.S. investors.

In a recent study of over 500 LGBT investors, UBS found that 67 percent of LGBT investors were optimistic on the long-term outlook of the U.S. economy, compared to 57 percent of other investors.

Additionally, LGBT investors are more confident in their own financial future, with 59 percent saying they are highly confident, compared to 52 percent of other investors. The study also found that financial advisors are playing a role in that confidence, with 77 percent of LGBT investors saying they were extremely or highly satisfied with their advisor.

But there’s work to be done, as only 57 percent of LGBT investors say they are highly satisfied. LGBT investors are also concerned with several key personal finance issues, even if they are confident in the overall economic outlook. Here are the top eight concerns these investors stress over.

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